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2nd man serving time in Ball State fraud scandal

2nd man serving time for involvement in Ball State University investment fraud scandal
Posted on June 17, 2014 at 5:07 p.m.

MUNCIE, Ind. (AP) — A Brooklyn, New York, man was sentenced to three years in prison for his role in an investment fraud scheme that cost Ball State University $13.1 million.

The Star Press (http://tspne.ws/1pe3Gez ) reported Tuesday that 46-year-old George Montolio was sentenced on March 7, 2013, after pleading guilty in New York City to one count of wire fraud. His conviction was related to a $5 million investment by the university.

The U.S. attorney’s office and Ball State officials have kept quiet about the investigation because it is ongoing.

Thirty-eight-year-old Seth Beoku Betts was sentenced to four years in prison for wire fraud earlier this month. Betts has been ordered to pay $8.16 million in restitution and Montolio has been ordered to pay $3.8 million. The remaining $1.2 million remains unaccounted for.

Information from: The Star Press, http://www.thestarpress.com


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